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LAP Loan is a Secured Form of Advances

A loan against property or LAP loan is a secured form of advances. It is a collateralized loan offered against an asset, typically a house. Loan against property is a type of secured loan. Availing loans by pledging your property as a security or collateral with a lender is called mortgaging or loan against property. In Lap loan a person can mortgage his or her commercial or residential property or even though a plot. Read more at https://www.bajajfinserv.in/loan-against-property

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LAP Loan is a Secured Form of Advances

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  1. How to Take a Property Loan?

  2. What is Property Loan? Financial institutions have, over time, simplified their lengthy requirements to increase the accessibility of secured funding to individuals across the economic strata. Prospective borrowers can thus conveniently avail a property loan against attractive interest rates to meet their variegated financial needs. These advances, also known as loan against property, can be availed by pledging any residential or commercial property as collateral.

  3. Eligibility Criteria • If the borrower is a salaried individual, then the loan against property eligibility for he/she must be between 33 and 58 years of age. For self-employed individuals, the age limit is set to be between 25 and 70 years. • He/she must be a residing Indian citizen. • Salaried applicants must also be employed with an MNC or a company in the public or private sector. If self-employed, they must present a regular and steady source of income.

  4. Documents Required Few of the standard documents include: • Aadhaar card/PAN card • Address proof • Documents of the property about to be mortgaged • Bank account statements of 3 months for salaried individuals and 6 months for self-employed individuals Plus, loan against property documents required for salaried applicants also need to submit their IT returns, and latest salary slips.

  5. How to Apply for a Loan Against Property? • Visit the official website of your selected lender. • Fill out the loan against property application form and submit it. • Representatives of the lender will review the application and get in touch with you within 24 hours. • Next, you can submit the required documents to the lender’s representative. • If every detail is in order, the loan amount can be approved within 48 hours of applying.

  6. FOR MORE INFORMATION YOU CAN VISIT AT LOAN AGAINST PROPERTY (https://www.bajajfinserv.in/loan-against-property)

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